TEST BANK for Financial Accounting, 13th Edition by C William Thomas and Wendy M. Tietz Verified Chapters 1 - 12, Complete Newest Version

TEST BANK for Financial Accounting
13th Edition
by C William Thomas and Wendy M. Tietz
Verified Chapter's 1 - 12 | Complete

,TABLE OF CONTENTS p p p




1. The Financial Statements
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2. Transaction Analysis
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3. Accrual Accounting and Income
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4. Internal Control and Cash
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5. Receivables and Revenue
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6. Inventory and Cost of Goods Sold
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7. Plant Assets, Natural Resources, and Intangibles
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8. Current and Contingent Liabilities
p p p p




9. Long-Term Liabilities
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10. Stockholders' Equity
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11. The Statement of Cash Flows
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12. Financial Statement Analysis
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,1.pThepFinancialpStatements



FullpTestpBankpforpFinancialpAccountingp13thpEditionpC.pWilliampThomas,pWendypMpTietz

FinancialpAccounting,p13ep(Thomas/Tietz)
Chapterp1 ThepFinancialpStatements

LearningpObjectivep1-1

1) Accountingpispanpinformationpsystempthatpmeasurespbusinesspactiviti
es.pAnswer:p TRUE
Diff:p1
LO:p 1-1
AACSB:p ReflectivepThinking
AICPApBuspPersp:p Legal/Regulatory
pAICPApFunctional:p Measurement



2) Bookkeepingpispapmechanicalppartpofpaccountin
g.pAnswer:p TRUE
Diff:p1
LO:p 1-1
AACSB:p ReflectivepThinking
AICPApBuspPersp:p Legal/Regulatory
pAICPApFunctional:p Measurement



3) Accountingpispoftenpcalledptheplanguagepofpbusines
s.pAnswer:p TRUE
Diff:p1
LO:p 1-1
AACSB:p ReflectivepThinking
AICPApBuspPersp:p Legal/Regulatory
pAICPApFunctional:p Measurement



4) Accountingpproducespfinancialpstatements,pwhichpreportpinformationpaboutpapbusine
ss.pAnswer:p TRUE
Diff:p1
LO:p 1-1
AACSB:p ReflectivepThinking
AICPApBuspPersp:p Legal/Regulatory
AICPApFunctional:p Measurement,pReporting

5) Thepaccountingpprocesspbeginspandpendspwithppeoplepmakingpdecisio
ns.pAnswer:p TRUE
Diff:p1
LO:p 1-1
AACSB:p ReflectivepThinking
AICPApBuspPersp:p Legal/Regulatory
pAICPApFunctional:p Measurement

, 6) Accountingpinformationpispusedpbypinvestorspandpcreditors,pbutpnotpbypregulatorypbodi
es.pAnswer:p FALSE
Explanation:p Itpispusedpbypindividuals,pinvestors,pcreditors,pnonprofits,pandpregulatorypbodies.
Diff:p1
LO:p 1-1
AACSB:p ReflectivepThinking
AICPApBuspPersp:p IndustrypSector,pLegal/RegulatorypAIC
PApFunctional:p Measurement,pReporting

7) SincepHabitatpforpHumanitypispnotpconcernedpaboutpmakingpapprofit,pthepentitypdoespnotpneedpto
pusepaccountingpinformation.

Answer:p FALSE
Diff:p1
LO:p 1-1
AACSB:p ReflectivepThinking
AICPApBuspPersp:p IndustrypSector,pLegal/RegulatorypAIC
PApFunctional:p Measurement,pReporting

8) Thepbusinessprecordspofpapsolepproprietorshippshouldpincludepthepproprietor'sppersonalpfinan
ces.pAnswer:p FALSE
Diff:p1
LO:p 1-1
AACSB:p ReflectivepThinking
AICPApBuspPersp:p Legal/Regulatory
pAICPApFunctional:p Measurement



9) Appartnershippispaptaxpayingpentit
y.pAnswer:p FALSE
Diff:p1
LO:p 1-1
AACSB:p ReflectivepThinking
AICPApBuspPersp:p Legal/Regulatory
pAICPApFunctional:p Measurement



10) Stockholdersphavepnoppersonalpobligationpforpthepcorporation'spdeb
ts.pAnswer:p TRUE
Diff:p1
LO:p 1-1
AACSB:p ReflectivepThinking
AICPApBuspPersp:p Legal/Regulatory
pAICPApFunctional:p Measurement




11) Accounting:
A) measurespbusinesspactivities.
B) processespdatapintopreportspandpcommunicatespthepdataptopdecisionpmakers.
C) ispoftenpcalledptheplanguagepofpbusiness.
D) ispallpofpthepabov
e.pAnswer:p D
Diff:p2
LO:p 1-1